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20 January 2010

Accounting Act, B.E. 2543 (2000)

Bhumibol Adulyadej, Rex.
Given this 4th day of May, B.E. 2543 (2000)
Being the 55th year of the present Reign

Authorized Official Translation

His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim that:

Whereas it is expedient to revise a law relating to accountancy,

This Act contains certain provisions in relation to the restriction of right and liberty of people which Section 29, Section 35, Section 48 and Section 50 of the Constitution of the Kingdom of Thailand so permit by virtue of the provisions of law.

Be it, therefore, enacted by the King, by and with the advice and consent of the National Assembly, as follows:

Section 1. This Act shall be called the "Accounting Act, B.E. 2543(2000)".

Section 2. This Act shall come into force immediately after a period of ninety days from the date of its publication in the Government Gazette.

Section 3. The Announcement No. 285 of the National Executive Council dated 24th November B.E.2515 (1972) shall be repealed.

Section 4. In this Act:
"Financial Statement" means report of results of the operation, financial status or changes in financial status of the business, whether reported by balance sheet, profit and loss statement, retained earnings statement, cash flow statement, statement of changes in shareholders' equity, supplementary statement, or notes to financial statement, or other explanatory notes as an integral part of financial statement.

"Accounting Standard" means accounting principles and generally accepted accounting practices, or accounting standards prescribed under the laws governing such matters.

"Person Having the Duty to Keep Accounts" means the person who shall provide the bookkeeping under this Act.

"Bookkeeper" means the person responsible for the bookkeeping of the person having the duty to keep accounts, whether it is undertaken in the capacity of an employee of the person having the duty to keep accounts.

"Chief Accounts Inspector" means the Director-General, and includes the person entrusted by him.

"Accounts Inspector" means the person appointed by the Director-General as an Accounts Inspector attached to the Local Accounts Office.

"Director-General" means the Director-General of the Department of Commercial Registration.

"Minister" means the Minister having charge and control of the execution of this Act.

Section 5. The Minister of Commerce shall have charge and control of the execution of this Act and shall have the power to issue Ministerial Regulations for the execution of this Act.

Such Ministerial Regulations shall come into force upon their publication in the Government Gazette.

Chapter 1
General Provisions

Section 6. The Department of Commercial Registration, Ministry of Commerce, shall be a Central Accounts Office.

The Director-General shall have the power to establish Local Accounts Offices which are to be under the control of the Central Accounts Office, and have one Accounts Inspector as the Chief of Local Accounts Office.

The establishment of a Local Accounts Office shall be notified in the Government Gazette.

Section 7. The Director-General shall have the power to notify in the Government Gazette in order to prescribe the following matters:

(1) Category of accounts to be kept.
(2) Statements and particulars entered in the accounts.
(3) Duration for which the particulars must be entered in the accounts.
(4) Relevant documents used in the entry of accounts.
(5) Exceptions prescribed for the person having the duty to keep accounts or the bookkeeper not to comply with accounting standards in any one matter or any one part.
(6) Qualifications and conditions for being the bookkeeper under this Act.

The notification of such prescriptions under paragraph one, the Director-General shall take into account the accounting standards as well as the comments of relevant agencies and accounting profession institutions.

The prescriptions under (5) and (6) must also be gotten an approval from the Minister.

The prescriptions under (1), (2), (3) and (4), if such matters have been prescribed otherwise by specific laws, upon the person having the duty to keep accounts has conformed with such specific laws, it shall be deemed that the keeping of accounts is correct under this Act.

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